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OUTLOOK 2012 - Previews and Reviews - MOST SIGNIFICANT TRENDS And CHARTS OF 2011
From burgeon
to wither - the four stages of global
trade
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INVESTIGATING PROFITABILITY OF GCC BANKS
GCC banks under our coverage performed well during 3Q11 with profits rising by 17%YoY; over QoQ however, bottom line shrank by 5%. Kuwait was the only country that witnessed a decline in profits (down 2%YoY), UAE felt the lowest growth amongst peers, just 8%YoY while KSA, Qatar and Oman saw growth in the vicinity of 25%YoY.
Top-line performance of GCC banks improves, that of UAE and Qatar stars
GCC banks under our coverage witnessed a healthy operating performance with net interest income rising by 8%YoY and non-interest income jumping by 11%YoY. Banking sectors of UAE and Qatar saw the strongest improvement in the top-line on account of improvement in spreads for the former and robust volumes for the latter; resultantly growing by 19%YoY and 16%YoY respectively. Kuwait and KSA underwent a shrinkage in the top-line as spreads weakened and volumes were unimpressive; NII for these countries eroded by 6%YoY and 2%YoY respectively.
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